The Bank of Industry has confirmed that it released more than N1.27 trillion to enterprises across fourteen sectors in 2024, a scale of intervention that helped sustain over nine hundred thousand direct and indirect jobs nationwide. The disclosure came during the second day of the 10th Nigeria Energy Forum, held virtually in Lagos.
The Managing Director of the bank, Dr Olasupo Olusi, represented by Executive Director for Public Sector and Intervention Programme, Ms Mabel Ndagi, said the institution’s financing efforts continued to shape Nigeria’s industrial landscape by supporting expansion, value addition and job creation across small and large businesses.
Olusi explained that the N200 billion Federal Government MSME Intervention Fund under the bank’s management has strengthened access to affordable finance for small enterprises. The scheme is structured around the Presidential Conditional Grant Scheme with N50 billion, the MSME Intervention Fund with N75 billion and the Manufacturing Sector Fund with N75 billion.
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He added that the bank was deepening its commitment to green finance, circular economy projects, renewable energy expansion, cleaner production lines and lower carbon industrial practices. Ndagi described this shift as a sign of the bank’s intention to lead in financing modern energy infrastructure and climate-aligned manufacturing.
At the forum, All On, an impact investment company focused on clean energy, outlined its work with the Tertiary Institutions Energy Innovation Challenge. Senior Associate for Grants Management, Ms Jadesola Rawa, said the initiative aims to lift student-driven energy solutions that target underserved communities.
The NEF Director of Innovation, Mrs Bamise Olanrewaju, reported that the latest winners of the challenge, Green Preserve from Cross River State University, AI Hybrid Agro Dryer from the University of Lagos and Keytric from the University of Port Harcourt, had recorded steady progress in technology design, community engagement and business development following months of mentorship.
